By Amos Gibello
For accounting departments of engineering firms that regularly seek government contracts, there are unique accounting practices that must be followed. One challenge is found in submitting overhead rates that are in compliance with Federal Acquisition Regulations (FAR). For firms unfamiliar with the process, this is unexplored territory; even the vast majority of CPAs are unaware of this area of accounting that’s not particularly complex but is highly specialized.
Engineering firms wo... read more.

By Abby Blecker, Former Marketing Intern
Wiss employees gathered in Morristown on July 1st to volunteer for the Habitat for Humanity of Morris County. Habitat is a nonprofit that provides homes with interest free mortgages for qualifying families, where the land is bought from the city at extremely low costs, and most of the materials used for each house are donated. Homeowners embrace the Habitat process, especially their “sweat equity” concept, which requires homeowners to help build th... read more.

By Diana Miller
Changes are finally coming in the content and presentation of financial statements for not-for-profit entities for the first time in almost 20 years. Although nothing has yet been finalized, these fairly significant proposed changes could affect classification requirements, liquidity, financial performance and cash flow, according to the Financial Accounting Standards Board (FASB), the regulatory body that oversees these standards.
The package of proposed Accounting Standards U... read more.

By Connor Doyle
Walking into the Indoor Sports Pavilion in Randolph, you could just tell there was a different atmosphere. The air was crisper, water fountain water was colder, and the staff was more indifferent than I’ve ever seen them in my 5 year history with the building. Sporting our overused-yet-still-trendy “Keep Calm and Kick Balls” slogan t-shirts, Wiss was loose and in high spirits. Some of us reminisced on years previous and fallen teammates, others went out to practice some ki... read more.

By Paul Peterson, Managing Partner, Wiss & Co. LLP
No two companies are the same in culture, work environment or the vulnerabilities inherent in their digital landscape. This makes it very difficult to implement a standard way of protecting workers and customers from external data threats to their privacy and security.
But nothing is more important to your company’s credibility and positive relationships with customers and employees than safeguarding their sensitive data. After all, you&rs... read more.

By Floriana Allen
Your bill-paying process should not be confusing, labor-intensive or prone to error. That’s why we at Wiss & Company, LLP, use cloud-based accounting programs such as Bill.com for our clients. It’s an ideal tool for handling your accounts payable workflow, and the software syncs with many leading accounting systems, allowing accountants and clients to stay involved in the process in real time.
Here are the some of the advantages of the system.
The so... read more.

By Russ Faye
Your greatest exposure and risk as a Physician is in the area of Professional Services. Most doctors are aware of coverages in this area, but there is liability when it comes to the business side of a medical practice and this is where other types of coverage become important.
Through consultation with a reputable insurance agent, we encourage our clients to consider the following types of coverage:
ERISA/Fidelity Bond This coverage is specific to your practice’s retirement plan. ... read more.

By Wiss Associate
As a startup business, one of the most important decisions you have to make is under what type of corporate entity you’ll operate.
There are three basic choices of entities.
S Corporations
Characteristics. This entity is only for corporations with 100 or fewer individual owners and no foreign shareholders are permitted. S Corporations can issue common stock, not preferred, and there are no corporate taxes paid at the entity level.
Advantages. S Corporations are simple to set u... read more.

By Wiss Associate
This year, the 34-and-under generation will surpass baby boomers as the largest slice of the U.S. population — and they are a steadily growing segment of the business startup class. As their influence expands in entrepreneurial America, it becomes important to understand how they differ from the boomers and Generation X workers who preceded them.
Studies have shown that millennials want to think of their work lives as furthering a purpose, not just bringing home a paych... read more.

By Carolyn Hall
The first step in setting up the books of a business is identifying meaningful metrics. Whether it is a professional services firm or a real estate client, each business owner has individual views and preferences about analyzing the business.
Identifying critical key performance indicators (KPI) upfront is important so that the accounting systems can be set up to measure the crucial aspects of a business. In the end, the goal is to present an accurate snapshot of the financial KPIs,... read more.